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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui", Headquarter: Chiyoda-ku Tokyo, President & CEO: Masami Iijima) announced today that Mitsui has agreed to transfer its management interest in Permelec Electrode Ltd. ("PEL") which Mitsui own 50% issued share through a fully owned investment company to Industrie De Nora, S.p.A ("IDN", another 50% shareholder of PEL, Headquarter: Milan, Italy, CEO: Gianfranco Mora). The transaction is scheduled to be completed in November 2010 and thereafter PEL become a 100% subsidiary of IDN.
PEL was founded by Mitsui and IDN on equally shared joint venture basis in 1969 in order to introduce dimensionally stable electrode ("DSE®", metal electrode not melted by chloride solution) which is innovative technology developed by IDN. DSE® is used for electrolysis plant producing chloride and sodium hydroxide and is mainly leased to domestic chemical producer and sold to electrolysis plant manufacturer. In these 40 years of history, PEL has accumulated internationally reputable highest technology and know-how in the field of DSE® products which are widely appreciated by domestic and global users and is now enjoying dominant shares in the domestic market.
In light of the need to create a stronger position in the fast growing Asian market, Mitsui and IDN have concluded that it is the best way for PEL to become a 100% subsidiary of IDN who owns a highly developed portfolio of electrolysis technologies, vast experience and global network in this area of business so that PEL can ensure its sustainable growth and expansion to overseas market taking advantage of IDN's global network.
|1. Company Name||Permelec Electrode Ltd.|
|2. Address||2023-15, Endo, Fujisawa-shi, Kanagawa, Japan|
|3. Foundation||June 30, 1969|
|5. Shareholders||50% MBK Project Holdings Ltd. (a 100% subsidiary of Mitsui)
50% Oronzio De Nora International B.V.
|6. President||Daigoro Senoo|
|7. Principal Lines of Business||(1) Export, import, manufacturing, sale and lease of Dimensionally Stable Electrodes (*) and related fixtures, implements and parts thereof,
(2) Use and development of fixtures, implements and parts related to the foregoing paragraph and the sale of the technology thereof, and
(3) Other lines of business related to any of the foregoing items.
|8. Net Worth||JPY7,000mil (as of March 31, 2010)|
|9. Total Asset||JPY25,200mil (as of March 31, 2010)|
|10. Sales||JPY6,500mil (as of March 31, 2010)|
|11. Number of Employee||180(consolidated as of April 1, 2010)|
* Dimensionally stable electrode means:
Electrode made by titanium or nickel coated by precious metal such as platinum which are used for electrolysis plant to produce chlorine and sodium hydroxide, for copper foil production plant and so on.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.